Research On Project Risk Sharing Under PPP+EPC Mode

With the increasing demand for public infrastructure and the increasing scale of construction in China,PPP mode and EPC mode have become the current project investment,financing and construction management modes.However,due to the integration of two modes,the PPP+EPC mode project has the characteristics of large investment in the early stage,long life cycle,numerous project participants and different pursuit of goals,which lead to the complexity of project risk factors.Effective risk management and fair and reasonable risk sharing can ensure the smooth implementation of the project.On the basis of identifying and evaluating the risk factors of PPP + EPC mode project,this paper takes the government,the general contractor and financial institutions as the main body of risk sharing,and studies the problem of project risk sharing.Firstly,this paper comprehensively combs the related basic theoretical knowledge of PPP mode,EPC mode,project risk sharing and game theory,and defines and analyses the meaning,characteristics,advantages of PPP+EPC mode,the characteristics of risk factors and risk sharing subjects.Secondly,the risk factors of PPP+EPC mode project are identified based on relevant literature research,project case analysis and expert survey questionnaire method.The risk evaluation index system of PPP+EPC project is established according to the construction principle of risk assessment system,and the risk factors of the project are evaluated by combination evaluation method,which lays a foundation for project risk sharing.Then,on the basis of defining the principle of risk sharing and the process of risk sharing,the risk preference analysis and the bargaining game model under incomplete information are applied to analyze the risk allocation scheme between the government and the "alliance",and then risk preference analysis inside the "alliance" and bargaining model under complete information are used to analyze the risk allocation scheme between the general contractor and financial institutions.The project risk sharing scheme based on government departments,general contractors and financial institutions is summarized.Finally,based on the A city comprehensive construction project,the paper analyzes the rationality and applicability of the above risk assessment and risk sharing model.Based on the analysis of the case,the tripartite risk sharing scheme of the project is obtained,and the risk prevention suggestions are put forward to provide reference for project risk management.